Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 22nd, 2021
Ethereum
Ethereum fell by 1.22% on Sunday. Following on from a 0.14% loss on Saturday, Ethereum ended the week down by 3.49% to $1,784.0.
A mixed start to the day saw Ethereum rise to an early morning intraday high $1,818.86 before hitting reverse.
Falling short of the first major resistance level at $1,850, Ethereum slid to a late morning intraday low $1,748.25.
Ethereum fell through the first major support level at $1,782 and the second major support level at $1,757.
Steering clear of sub-$1,700 levels, Ethereum revisited $1,800 levels before falling back into the red.
The first major support level at $1,782 limited the downside late in the day.
At the time of writing, Ethereum was down by 0.43% to $1,776.34. A mixed start to the day saw Ethereum rise to an early morning high $1,787.53 before falling to a low $1,773.49.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move back through the pivot level at $1,784 to support a run at the first major resistance level at $1,819.
Support from the broader market would be needed, however, for Ethereum to break out from Sunday’s high $1,818.86.
Barring an extended crypto rally, the first major resistance level and Sunday’s high would likely cap any upside.
In the event of a breakout, Ethereum could test resistance at $1,900 before any pullback. The second major resistance level sits at $1,854.
Failure to move back through the $1,784 pivot would bring the first major support level at $1,749 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,700 levels. The second major support level at $1,713 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $1,749
Pivot Level: $1,784
First Major Resistance Level: $1,819
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin fell by 2.31% on Sunday. Reversing a 0.14% gain from Saturday, Litecoin ended the week down by 8.64% to $195.53.
Story continues
A mixed start to the day saw Litecoin rise to an early morning high $201.95 before hitting reverse.
Falling short of the first major resistance level at $205, Litecoin slid to a late morning intraday low $192.37.
Litecoin fell through the first major support level at $197 and the second major support level at $194.
More significantly, Litecoin also fell through the 23.6% FIB of $195 before finding support.
Steering clear of sub-$190, Litecoin revisited $198 levels before falling back into the red.
While falling back through the first major support level, the 23.6% FIB of $195 limited the downside late on.
At the time of writing, Litecoin was down by 0.50% to $194.55. A mixed start to the day saw Litecoin rise to an early morning high $196.05 before falling to a low $194.55.
While leaving the major support and resistance levels untested, Litecoin fell through the 23.6% FIB of $195 early on.
For the day ahead
Litecoin would need to move back through 23.6% FIB and the $197 pivot level to support a run at the first major resistance level at $201.
Support from the broader market would be needed, however, for Litecoin to break out from $200 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $201.95 would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $210 before any pullback. The second major resistance level sits at $206.
Failure to move back through the 23.6% FIB and the $197 pivot level would bring the first major support level at $191 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$185 support levels. The second major support level at $187 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $191
Pivot Level: $197
First Major Resistance Level: $201
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP fell by 1.73% on Sunday. Partially reversing a 12.62% rally from Saturday, Ripple’s XRP ended the week up by 17.77% to $0.51710.
A bullish start saw Ripple’s XRP rise to an early morning intraday high $0.5458 before hitting reverse.
While falling short of the first major resistance level at $0.5777, Ripple’s XRP broke through the 23.6% FIB of $0.5320.
The reversal, however, saw Ripple’s XRP fall to a late morning intraday low $0.49602 before finding support.
While falling back through the 23.6% FIB, Ripple’s XRP avoided the 38.2% FIB of $0.4632 and the major support levels.
Through the 2nd half of the day, Ripple’s XRP revisited $0.52 levels before falling back to sub-$0.52 levels.
At the time of writing, Ripple’s XRP was down by 1.15% to $0.51114. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.51720 to a low $0.51057.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.5196 pivot level to bring the first major resistance level at $0.5433 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.5320.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.5458 would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at $0.58 levels before any pullback. The second major resistance level sits at $0.5694.
Failure to move through the $0.5196 pivot would bring the first major support level at $0.4935 into play.
Barring an extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level at $0.4699 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.4935
Pivot Level: $0.5196
First Major resistance Level: $0.5433
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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Ethereum reserve in all exchanges hit the two-year low.
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However, at the time of drafting this report, a significant amount of profit taking was observed, as the utility crypto traded at $1,776.17 with a daily trading volume of $25.4 billion and is down 3.38% for the day.
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While Bitcoin, the world’s most popular Crypto asset, annualized fees are currently around $2.3 billion. This contrast highlights Ether’s growing utility and the reason why it is often referred to as digital fuel.
The odds have been on the utility crypto’s side since its recent upgrade, Ethereum 2.0 (a network that promises better functionality and experience to the Ethereum network).
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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC sideways trading indicates big move ahead
Bitcoin has been trading relatively sideways this past weekend, holding above a key support level.
Ethereum price has also defended a critical moving average and aims for a breakout soon.
Ripple has outperformed the market as concerns over the SEC’s lawsuit have dissipated slightly.
The cryptocurrency market remained quite flat during the past weekend, but most indicators show top cryptos are on the verge of significant breakouts. Bitcoin is looking to take the lead again despite a drop in dominance toward 60%.
Bitcoin price faces no strong resistance ahead of all-time highs
Bitcoin is trading at $58,130 at the time of writing and is holding above the 26 EMA support level on the daily chart. This moving average is a crucial support point for the bulls.
BTC/USD daily chart
A breakout above the previous all-time high of $61,844 should swiftly drive the Bitcoin price toward $76,199 at the 127.2% Fibonacci level. The In/Out of the Money Around Price (IOMAP) chart shows practically no resistance ahead.
BTC IOMAP chart
The strongest barrier is located between $58,578 and $59,000, with a total volume of 124,000 BTC. On the other hand, losing the 26 EMA support level, currently located at $54,300, would push the Bitcoin price down to the psychological level of $50,000, which coincides with the 78.6% Fibonacci retracement level.
Ethereum price trades between two key levels
On the 4-hour chart, the Ethereum price has established a descending triangle pattern with its resistance trend line formed at $1,830 and support at $1,740.
ETH/USD 4-hour chart
For a breakout, Ethereum also has to conquer the 50 SMA resistance level at $1,808 and then beat $1,830, which should drive the Ethereum price up to $2,000 in the short term.
On the other hand, losing the 100 SMA at $1,780 would quickly push ETH down to the lower trend line at $1,740. A breakdown below this point has a price target of $1,567, which is a 10% move calculated using the height of the pattern as a reference point.
Ripple price sees another 7% breakout after SEC lawsuit concerns fade
The SEC sued Ripple for allegedly selling illegal securities in the form of XRP tokens. However, the SEC’s lawyer, Jeremy Hogan, stated that although Ripple might have sold XRP illegally, investors did not, which means that exchanges should be safe to list XRP again.
XRP/USD 4-hour chart
Finally, XRP managed to climb above a critical resistance level at $0.495 with a price target of $0.57, which was almost hit as the digital asset trades at $0.55 at the time of writing. The next target is located at the psychological level of $0.60.